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Mytilineos Holdings SA Announces Decision Of Arbitration Procedure Between Aluminion SA And Public Power Corporation SA

Friday, 1 Nov 2013 01:24pm EDT 

Mytilineos Holdings SA announced that the arbitration procedure regarding the contract for the supply of electricity to the Group’s subsidiary ALUMINION S.A. by the Public Power Corporation SA has been completed. Decision RAE-D1-I215-31/10/13, issued by the Permanent Arbitration Tribunal at the Regulatory Authority for Energy (RAE) and served on ALUMINION by a bailiff, stipulates that “ALUMINION shall be supplied with electricity by the PPC and the PPC shall supply electricity to ALUMINIUM for a period of time equal to 8,760 hours annually at the price of EUR 40.7/MWh, inclusive of the fixed and variable cost of energy, the charges for Transmission System Use, Ancillary Services, PSO and the surcharges for the contributory fees in favour of RAE and of the Electricity Transmission System Operator (HTSO or DESMIE) S.A. / Electricity Market Operator (LAGIE) S.A. and exclusive of charges in connection with the RES/ETMEAR Special Duty for Renewable Energy Sources and for Reduction of Air Pollutant Emissions, Excise Duty on electricity, Customs Rights (DETE) and any other tax charges levied.” The ruling concerns the period from July 1, 2010 to December 31, 2013 inclusive. Following the above arbitration ruling, which both parties have undertaken in advance to accept, PPC and ALUMINION shall proceed to settle financially and in terms of accounting operations the bill between them, with retroactive effect as of July 1, 2010. 

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